Discuss briefly the building blocks of a quality system
What will be an ideal response?
• People: People represent the core of a firm's capabilities because they provide the intellect, empathy, and ability that is required to provide outstanding customer service. Therefore, systems must be in place to develop, train, care for, and motivate people to serve the customer properly.
• Organizational Learning and Knowledge: The second building block of a quality system is organizational learning and knowledge. Outstanding customer service results from providing employees with outstanding knowledge and training. Organizational learning is required for consistency in operations, approaches, and customer contact.
• Culture: Culture refers to the norms and beliefs that lead to decision-making patterns and actions in an organization. Some of the key aspects of culture include attitudes toward change; presence or absence of fear; degree of openness, fairness, and trust; and employee behavior at all levels.
• Closeness to Customers: Closeness to customers describes the firm's understanding of the customers, their needs, and their wants. Companies that are close to their customers retain those customers as customer retention is closely related to profitability. Also, customer closeness engenders loyalty.
• Information and Finance: Information systems provide the core of the support system for satisfying the customer. Finances are listed with information because financial resources are needed to provide the infrastructure and services that customers want.
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Describe in words how to calculate a project's standard deviation. What assumption allows that calculation to be accurate?
What will be an ideal response?
Which of the following is a marketing strategy that can be used when a given customer segment shows relatively high values for frequency and monetary value, but a low value for recency?
a. An upselling strategy b. A "We Want You Back" strategy c. A "Buy One,Get One Free" strategy d. All of the above